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Chinese company Mingda (Bangladesh) New Material Company Ltd has signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to invest $76.41 million in the BEPZA Economic Zone (EZ). This marks the largest proposed investment by a single company in the BEPZA EZ.
The investment decision was influenced by BEPZA’s focus on diversified products, investment amount, and employment opportunities. Mingda (Bangladesh) aims to establish factories in response to the rising wages of Chinese workers and will primarily produce various types of artificial fabric. The company plans to start construction soon and commence production by the end of the year, prioritizing safety and environmental considerations.
The project is expected to create employment for approximately 2,830 Bangladeshi nationals. Mingda (Bangladesh) will manufacture a range of cotton products, including Imitation Silk Cotton and Tile Cotton, as well as different types of artificial and manmade fabrics. Additionally, they will produce hospital products and bags, including Geo-bags and non-woven bags.
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